The Top Providers For HSA Accounts #44
Is a 401K the only way to invest your money with the help of your employer? What if there was an easy way to invest your money and plan for your health care expense at the same time? All the way back in episode one, I discussed the value of using a health savings account or HSA.
In short, an HSA helps pay for out-of-pocket medical costs but is also a good retirement savings vehicle too. While it is true that investing in a 401(k) or other workplace-defined contribution plans is the best way to start saving for retirement, they are by no means the only option!
Join me on this episode as I share some helpful tips regarding health care savings accounts, who some of the top providers are, and much more. Don’t miss a minute of this informative episode!
You will want to hear this episode if you are interested in...
What a health savings account (HSA) is and how it works [1:00]
The top HSA providers on the marketplace [4:00]
Breaking down the difference between providers for spenders & investors [6:00]
Why Fidelity is ranked as the best provider for investors [9:30]
Don’t miss this great opportunity to invest your money [11:00]
The top HSA providers on the marketplace
Morningstar reviewed eleven HSA providers and created a helpful report that examines the benefits of using each one. That review covered Fidelity, Lively, Health Equity, the HSA Authority, Fifth Third, HSA Bank, Optum, Bend, Bank of America, Further, and Health Savings. They divided each of these providers into one of two categories, providers appropriate for spenders and providers that were appropriate for investors.
Those later in life will want to take more of a spender approach so you can start spending down the balance in your HSA. Those who want to invest are typically those who are younger and have fewer health care costs currently. Make sure to check out the link in the resources section to get access to the Morningstar report.
Don’t miss a great investment opportunity
Where are you at when it comes to HSA options in your plan? Have you maxed out your investment options? If you don't have a health savings account and you qualify for one or maybe you just don't put very much into it - then you should really think about fully funding that up to the maximum amount possible. I also want to stress that an HSA is a great way to save money as it allows you a triple tax-free benefit. To learn more about HSA accounts and how to utilize them to their fullest potential, make sure to listen to this episode!